XML 51 R30.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of the Company's Income Tax Expense (Benefit)

The following is a summary of the Company's income tax expense (benefit) for the years ended December 31, 2022, 2021, and 2020:

		For the year ended December 31, 2022
		Federal				State				Canadian				Total
Current		$	170,874			$	27,020			$	320,639			$	518,533
Deferreds			(499,077	)			(76,050	)			(498,191	)		$	(1,073,318	)
Total		$	(328,203	)		$	(49,030	)		$	(177,552	)		$	(554,785	)
		For the year ended December 31, 2021
		Federal				State				Canadian				Total
Current		$	182,034			$	32,559			$	—			$	214,593
Deferreds			(1,750,248	)			(266,704	)			(8,916	)			(2,025,868	)
Total		$	(1,568,214	)		$	(234,145	)		$	(8,916	)		$	(1,811,275	)
		For the year ended December 31, 2020
		Federal				State				Canadian				Total
Current		$	30,713			$	69,760			$	—			$	100,473
Deferreds			(3,071,502	)			(915,804	)			(1,939,425	)		$	(5,926,731	)
Total		$	(3,040,789	)		$	(846,044	)		$	(1,939,425	)		$	(5,826,258	)

Schedule of Income Tax Expense (Benefit) Reconciled to the Hypothetical Amounts Computed at the U.S. Federal Statutory Income Tax Rate

Income tax expense (benefit) is reconciled to the hypothetical amounts computed at the U.S. federal statutory income tax rate for the years ended December 31, 2022, 2021, and 2020:

	Year Ended December 31, 2022				Rate
Expected tax at statutory rate	$	4,434,080				21.0	%
Non-taxable REIT (income) loss		(4,610,750	)			-21.8	%
State and local income tax expense - net of federal benefit		(38,734	)			-0.2	%
Foreign income taxed at different rates		47,180				0.2	%
Change in valuation allowance		(416,953	)			-2.0	%
Other		30,392				0.1	%
Total income tax expense (benefit)	$	(554,785	)			-2.6	%
	Year Ended December 31, 2021				Rate
Expected tax at statutory rate	$	(4,489,427	)			21.0	%
Non-taxable REIT (income) loss		2,655,349				-12.4	%
State and local income tax expense - net of federal benefit		(185,137	)			0.9	%
Foreign income taxed at different rates		(69,318	)			0.3	%
Change in valuation allowance		400,146				-1.9	%
Other		(122,888	)			0.6	%
Total income tax expense (benefit)	$	(1,811,275	)			8.5	%
	Year Ended December 31, 2020				Rate
Expected tax at statutory rate	$	(11,976,943	)			21.0	%
Non-taxable REIT (income) loss		8,553,281				-15.0	%
State and local income tax expense - net of federal benefit		(788,915	)			1.4	%
Foreign income taxed at different rates		47,180				-0.1	%
Change in valuation allowance		(1,939,425	)			3.4	%
Other		278,564				-0.5	%
Total income tax expense (benefit)	$	(5,826,258	)			10.2	%

Schedule of Deferred Tax Assets and Liabilities

The major sources of temporary differences that give rise to the deferred tax effects are shown below:

		December 31, 2022				December 31, 2021
Deferred tax liabilities:
Intangible contract assets			(30,184	)			(605,473	)
Canadian real estate			(10,123,376	)			(10,166,453	)
Total deferred tax liability			(10,153,560	)			(10,771,926	)
Deferred tax assets:
Other			90,563				—
Canadian non-capital losses			7,935,309				6,717,033
Total deferred tax assets			8,025,872				6,717,033
Valuation allowance			(4,077,932	)			(3,664,367	)
Net deferred tax liabilities		$	(6,205,620	)		$	(7,719,260	)

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration